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Iraqi Kurds plan to continue oil exports

London, June 17, 2014

Iraqi Kurdistan's natural resources minister said on Tuesday (June 17) the region plans to continue oil exports and will be able to meet its allocated budget through independent oil shipments by the year-end.

Ashti Hawrami said the central government in Baghdad had withheld budget payments to the region so far this year and before was giving only around 10 per cent instead of an agreed 17 per cent.

"By the year end we can cover our allocated 10 per cent budget," he said.

"After that we will gradually catch up to our true 17 per cent entitlement, which Baghdad never paid."

The region expects to load two more tankers of crude from its newly built pipeline this week at the Turkish port of Ceyhan.

It began independent exports from its pipeline to Turkey that by-passes Baghdad's system in May. So far, two tankers have loaded that oil.

"They pushed us to do this," Hawrami said at a London conference, referring to independent oil exports.

Oil exports will increase to 200,000-250,000 barrels per day in July, and then to 400,000 bpd by the year-end, he said. - Reuters